Investment management firm ClearBridge Investments has released its Q3 2024 investor letter for its “ClearBridge Large Cap Value Strategy.” A copy of the letter can be downloaded here. U.S. stocks rose sharply in the third quarter, recovering from concerns about slowing economic growth that pushed some asset markets into correction territory. A subsequent 50 basis point interest rate cut by the Federal Reserve sparked a widespread rebound. Russell 1000 Value Index gained 9.43% in the quarter. Against this backdrop, the ClearBridge Large Cap Value Strategy underperformed the benchmark Russell 1000 Value Index during the quarter. Additionally, you can check out the fund’s top five holdings to determine the best stocks for 2024.
ClearBridge Large Cap Value Strategy highlighted stocks like Parker Hannifin Corporation (NYSE:PH) in its Q2 2024 investor letter. Parker-Hannifin Corporation (NYSE:PH) manufactures motion and control technologies and systems for the mobile, industrial and aerospace markets. Parker Hannifin Corporation (NYSE:PH) has a 1-month return of 6.80% and the stock has increased 60.72% of its value over the past 52 weeks. On October 9, 2024, Parker Hannifin Corporation (NYSE:PH) stock closed at $631.52 per share, giving it a market cap of $81.258 billion.
ClearBridge Large Cap Value Strategy says this about Parker Hannifin Corporation (NYSE:PH) in its Q3 2024 investor letter:
“In the industrial sector, we eliminated Illinois Tool Works and initiated a position in Parker Hannifin Corporation (NYSE:PH), a similar high-quality, diversified industrial franchise. Parker – Hanifin Corporation (NYSE:PH) is a motion and control technology company with increasing exposure to aerospace and defense, which currently accounts for approximately 40%, while both companies are high-quality, diversified industrial franchises. Although the latter has been able to grow faster by shifting its focus to longer-cycle A&D businesses, its stock continues to trade at a discount compared to its peers.
A robot arm in a factory demonstrating the application of motion control technology.
Parker Hannifin Corporation (NYSE:PH) isn’t included in our list of 31 most popular stocks among hedge funds. Our database shows that 67 hedge fund portfolios owned Parker Hannifin Corporation (NYSE:PH) at the end of the second quarter, compared to 63 in the prior quarter. In the June quarter, Parker Hannifin Corporation (NYSE:PH)’s total sales increased nearly 2% year-over-year, reaching approximately $5.2 billion in sales. While we like Parker Hannifin Corporation (NYSE:PH) as an investment, we believe AI stocks have a better chance of delivering higher returns in a shorter time frame. If you’re looking for an AI stock with as much promise as NVIDIA, but trading at less than 5x earnings, check out our report on the cheapest AI stocks.
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In another article, we discussed Parker Hannifin Corporation (NYSE:PH) and shared Diamond Hill Mid Cap Strategy’s take on the company over the last quarter. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q3 2024 page.
Read next: Michael Burley sells these stocks, ushering in a new dawn for U.S. stocks.
Disclosure: None. This article was originally published on Insider Monkey.
